National Economic Action Council (NEAC)
Also known as the Majlis Tindakan Ekonomi Negara (MTEN) in Malay. Established on January 7, 1998. A consulatative body to tackle the Asian Financial Crisis in 1997. NEAC is an organisation under the Prime Minister's department. The tasks performed have been instrumental in providing major strategies including the establishment of Danaharta on June 20, 1998 as an asset management company to deal with non-performing loans problems; pre-emptive measures and stimulus packages to counter the impact of the global economic slowdown; and the Singapore-Malaysia Dispute (water). The National Economics Recovery Plan (NERP) was also launched on July 23, 1998 to stabilise the ringgit, restore market confidence, maintain financial market stability, strengthen economic fundamentals, continue with equity and socio-economic agenda and revive adversely affected sectors. On September 1, 1998, (capital control) the ringgit was pegged at RM3.80 to USD in order to stablise the exchange rate rate.
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|Guide ID: 974